Life Insurance Corporation of India has launched a new product called Jeevan Ankur in the child plan space that aims to meet educational and other needs of children. In case of death of the policyholder, the new policy pays the total sum assured (SA) to the nominee, which is 10per cent of the SA payable every year till the end of policy term.
If the policyholder survives the policy term, the product will pay maturity benefit of SA along with loyalty bonus. The minimum and maximum age of policyholder can be 18 and 50 years, respectively. Maximum maturity age is 75 years. Minimum and maximum age of child is in the range 0-17 years.
The maximum policy term is 25 minus age of the child. The minimum sum assured is Rs 1 lakh while there is no upper limit.